Incoco Capital, a Korean American real estate development firm, has broken ground on a 55-story luxury condominium in Court Square, Long Island City (LIC), Queens, New York.
In a recent press release, Incoco Capital stated that construction has begun on a site near Jackson Avenue, where it plans to build 636 residential units. The project is scheduled for completion in spring 2028.
The total development cost is $525 million. Of that, $425 million was financed by Madison Realty Capital, a real estate private equity firm, while $100 million came from Kushner Companies, run by Jared Kushner, the son-in-law of President Donald Trump. Projected sales revenue is expected to reach approximately $960 million.
The mixed-use tower will dedicate floors 1 through 6 to commercial space, with residential units from floors 7 through 55. The New York-based fitness chain Chelsea Piers has signed a 30-year lease to open a facility in the building. Whole Foods Market, the organic grocery chain acquired by Amazon, has agreed to a 15-year lease.
Design for the tower is led by FXCollaborative, a New York architecture firm. The project is developed by Incoco Capital, with Tavros and Charney Companies as development partners.
The land was purchased in 2022 by Incoco Capital Chairwoman Bohyun Park from Japanese hotel chain Toyoko Inn for approximately $68.5 million. Park is also the founder of the nail sticker cosmetics brand Incoco.
“This mixed-use tower will become an iconic symbol of New York,” said Bohyun Park. She added that the project will attract around 60 foreign investors through the EB-5 immigrant investor program, which requires each investor to create at least 10 jobs. The development is expected to generate approximately 2,000 jobs.
Court Square is a major transportation hub served by seven subway lines and multiple bus routes. The location offers views of Manhattan, Brooklyn, Queens, the East River, and several major bridges.
Incoco Capital stated that the project will meet the growing demand for high-end housing in LIC and serve as a new architectural landmark for the area.
BY HANKIL KANG [kang.hankil@koreadaily.com]
